As per a report by P&S Intelligence, the polyolefin market generated USD 281.2 billion in 2022, and it will advance at a rate of 4.8%, to reach USD 410.4 billion, by 2030.
The growth in the industry is attributed to the growing demand for this chemical from industries for instance electronics & electrical, packaging, and automotive. These substances are also implemented for adhesion alterations in the nonwoven and textiles industry.
The manufacturing and packaging sectors are significantly expanding all over the world, which is driving the demand for the industry. The key driving factors for packaging consumption include the shifting customer preferences, the necessity for a low package weight and long product shelf life, and the demand for an extensive range of container sizes.
Moreover, the growing e-commerce sector will open up a wealth of retailing prospects. Thus, the consumption of these materials is expected to be boosted by the positive retail sector outlook and the rising sales to packaging companies.
The pandemic of COVID-19 has had a positive impact on the industry, due to the significant rise in the use of packaged food items, such as instant noodles and biscuits, which increased the average purchase value per consumer.
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Polyethylene accounted for a significant polyolefin market share, of approximately 20%, in 2022. This is credited to its corrosion resistance, product adaptability, impact resistance, and ease of cleaning. Garbage & grocery bags, packaging films, cable & wire insulation, houseware, agricultural waste disposal, toys, and squeeze bottles are the most common applications.
The polypropylene category will advance at a steady rate over this decade, due to the rising adoption of the commodity in the molding and automotive sectors.
Based on application, the plastic films and sheets category generated approximately USD 90 billion in 2022, owing to the rising consumption of processed foods which is boosting the requirement for plastic films and sheets in the packaging industry.
Moreover, the injection molding application is expected to grow significantly, because of the recyclability, high material stability, low weight of polyolefins, cost-effectiveness and high robustness when exposed to the elements, and high energy efficiency.
The polyolefin industry is dominated by APAC, and it will propel at a CAGR of more than 5% in the years to come. With the increasing industries, population, and packaging needs, sales of these materials will boost the growth in APAC faster than in other regions. This is credited to the mounting consumption of these polymers in countries such as China and India, because of the existence of various manufacturing centers.
It is because of the increasing necessity for commodity in renewal energy generation and rising demand from automotive, packaging, electrical & electronics industries, the polyolefin industry will grow significantly in the years to come.
Pramod has around 7 years of experience in market research and consulting services for healthcare industry.
